The Securities and Exchange Board of India (SEBI) has turned down Ketan Parekh’s request to travel abroad.
According to a report, Parekh is a former stock market operator linked to the 2000-2001 securities scam.
SEBI alleged that he has misused travel permissions in the past. It said he used travel as a cover to carry out fraudulent trades through WhatsApp groups.
The regulator claimed he now wants to avoid court proceedings and settle abroad. It said his plans could harm India’s economy and investors.
For background, Parekh was banned from the stock market for 14 years. He is now facing criminal charges in a special SEBI court in Mumbai.
He sought permission to visit the UK, UAE, Singapore, Thailand, Sri Lanka, South Africa, the European Union, and Georgia. He said the trip was for a family vacation and to attend two weddings.
Parekh reportedly mentioned that both his daughters live in the UK. He cited his elder daughter’s health and said he wanted to spend time with them.
SEBI referred to an interim order passed in January 2025. The order had again barred Parekh and two others for alleged front-running.
It said Parekh shared time-sensitive, non-public information with Singapore-based Rohit Salgaocar. This was allegedly used to make illegal profits.
The special court is expected to decide on Parekh’s application soon.
SEBI told the court that Parekh had a history of misusing limited foreign travel permissions. It stated that although earlier permissions were requested on compassionate grounds, investigations had revealed that during the same periods, Parekh was actively involved in orchestrating fraudulent trades through WhatsApp groups such as ‘Jack-ST’ and ‘Jack-Saro’. SEBI said this pattern indicated that travel applications were being used as a cover to conceal ongoing illegal activity.
SEBI further said that Parekh and his related entities had filed the current application to travel abroad not only with a sinister motive to avoid the regulator’s surveillance and court proceedings, but also to attempt settling in a foreign country, from where they could execute plans that would impact the country’s economy and harm innocent investors at large.
The interim order said Parekh used SIM cards not in his name. He was saved under names like “Jack,” “Boss,” “Bhai,” and “Wellwisher” in the phones of co-conspirators.
SEBI said that Parekh’s deliberate concealment of identity revealed his intent to dodge detection. It added that if he were allowed to travel abroad, it would be impossible to track his movements.
SEBI also raised concerns about countries without extradition treaties. It said India has had trouble bringing fugitives back from such places.
Special Public Prosecutor Anubha Rastogi reportedly told the court that Parekh has not challenged the January order. She said a four-month travel permission would make it hard to track his activities.
In January, SEBI directed Parekh and two others to return Rs 65.77 crore. It also barred them from buying or selling securities.
SEBI noted that Singapore, where Parekh wants to go, is linked to his alleged dealings with Salgaocar.
The interim order said Parekh and Salgaocar stayed in touch through WhatsApp and internet calls. SEBI said there were 151 recorded interactions between them.
“This establishes the cross-border nature of the conspiracy,” SEBI said. “Allowing the applicant to travel abroad at this stage would enable him to seamlessly continue such foreign coordination beyond the reach of Indian regulators and this Honourable court.”
SEBI also warned that Parekh might use encryption or cryptocurrency to hide transactions and reduce digital traces.
It pointed out that he has not specified which EU countries he wants to visit.
SEBI said: “It is submitted that there are countries with which India does not have extradition treaties and therefore the likelihood of being able to secure the presence of the accused becomes slim. Even otherwise, India is facing several issues in bringing back the fugitives of law from such countries.”
When Parekh was granted bail in 2017, he was required to seek court permission before leaving India.
His new request is for travel from October 4, 2025, to February 3, 2026. His lawyers said they applied for all dates at once to avoid filing multiple requests.
During Friday’s hearing, Parekh’s lawyers said he had been allowed to travel abroad in the past.
They said the Supreme Court allowed him to visit the UK in 2021 for his daughter’s treatment. The special court also gave him travel permission in 2022.
In December 2023, he was allowed to visit the UK, Dubai, Singapore, the EU, and the US.
Parekh is a chartered accountant by profession. He became active in the stock market between 1999 and 2001.
He manipulated shares of information, communication, and entertainment companies.
He reportedly used circular trading, the Madhavpura Mercantile Cooperative Bank, and the Kolkata stock exchange.
Parekh was mentored by Harshad Mehta, the main figure in the 1991 stock scam. He led a bull run in 1999-2000 during the global dotcom boom. He and his associates inflated the value of ten ICE companies. These came to be known as the K-10 stocks.
Some company promoters even gave him funds to push up their share prices.
The scam came to light after a payment crisis at the Kolkata stock exchange. Stock indices crashed. The global dotcom bust made things worse. The scam led to the collapse of UTI and tighter rules from SEBI.
Parekh was named in over 20 cases under the SEBI Act. These included trading violations and non-payment of penalties. He was banned from the markets for 14 years. In 2014, a special CBI court convicted him and sentenced him to two years in jail.
Also Read: Costliest Garba Pass Of Gujarat! https://www.vibesofindia.com/costliest-garba-pass-of-gujarat/
